Choosing Between Straight Line and Cash Flow Funding
A body of new legislation affecting Florida associations was signed into law on 6/1/2010. Most significant in our opinion was the “Distressed Condominium Relief Act”.
A body of new legislation affecting Florida associations was signed into law on 6/1/2010. Most significant in our opinion was the “Distressed Condominium Relief Act”.
The “Funding Plan” is a calculated plan of regular monthly assessments and/or special assessments necessary to perform common area repairs & replacements in a timely manner.
“Fund your reserves above the 70% level”. That’s what you thought I would say, because our industry has been telling you that for years, right?
So your roof just failed, and it’s going to cost the Association $250,000. On one hand, it wasn’t really surprising, because the roof is 15 years old, right on track for this type of roof failure.
Associations often struggle to determine the appropriate level of Reserve funding for their communities. This challenge is understandable,
We have now trained three young drivers in the Nordlund household. I always start training with the concept of personal responsibility – there’s no “whoops” in driving!